Govt inks $250m deal with ADB

The Government of Bangladesh and the Asian Development Bank (ADB) on Thursday signed a $250 million loan agreement to improve surface water supply system in Dhaka city. Economic Relations Division (ERD) Secretary Mohammad Mejbahuddin and Kazuhiko Higuchi, Country Director for ADB’s Bangladesh Resident Mission, signed the agreement, on behalf of their respective sides at a ceremony at ERD in city’s Sher-e-Bangla Nagar. The project titled ‘Dhaka Environmentally Sustainable Water Supply Project’ will cost nearly $675 million. On top of its loan, ADB will also partially administer a $100 million loan from Agence Française de Développement. The European Investment Bank is also providing a cofinancing loan of $100 million while the Government of Bangladesh will provide almost $225 million. The project is expected to be completed by December 2019, according to UNB.